July 12, 2011
The U.S. Bureau of Labor Statistics released data showing that wages in NYC are not growing as much as they are in the rest of the country, despite the fact that jobs are being added at a faster rate. Furthermore wage increases are not keeping pace with inflation, rising 1.3% over the last year in NYC compared to the 2.9% inflation. Analysts cite increased jobs in low-wage industries and a decline in work hours as the likely reasons for this pattern.
More in Crain’s: http://bit.ly/ka2tLG
